Allied Capital (ALD) said during its earnings call last week that it had laid off 19 of its 155 employees. The cuts came at all levels, and peHUB has learned that they included managing directors Mike Gresius and John Fruehwirth.
That’s a big ‘ole 180 from just seven months ago, when both Gresius and Fruehwirth were promoted as part of a reshuffling prompted by COO Joan Sweeney’s announced intention to retire at year-end. Both men began reporting directly to CEO Bill Walton, with Gresius as vice chairman of the firm’s investment committee and Fruehwirth as deputy head of private finance. No word on if these moves mean that Sweeney will postpone her retirement, but it’s probably a safe bet.
Gresius has been with the firm since 1992, while Fruehwirth has been there since 2003. Both men are still listed on the Allied Capital website, and receptionists put me through to their voicemails this afternoon without mentioning that they’d been laid off.
An Allied Capital spokesman declined to confirm the status of either man, saying that the firm does not comment on individual employees.